In addition to increasing its equity stake in Komgo, Citi has begun integrating its trade engine with the startup’s blockchain. Komgo helps to speed up turnaround times, improve data reconciliation, and reduce the risk of fraud and human error, Komgo officials have stated.
Komgo was launched in 2018 in partnership with ConsenSys, and seeks to streamline trade financing in the commodities markets. Komgo’s platform allows equities traders, financial institutions, and trade service providers to communicate across blockchain technology. The startup has previously secured backing from a number of leading financial institutions, including ING Group, Sumitomo Mitsui Banking Corporation, and Societe Generale.
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